Baghdad – EQIQ, a venture capital firm based in the Abu Dhabi Global Market (ADGM), has announced plans to increase its fund size from $15 million to $30 million as it deepens its commitment to Iraq’s burgeoning technology sector. Founded by Mohamed Al-Hakim and Said Rahmani, EQIQ invests in both early-stage startups and more mature ventures across Iraq.
Mohamed Al-Hakim, a seasoned Iraqi entrepreneur who launched his first startup at 15 and successfully exited by 19, also brings regional leadership experience from his tenure as General Manager of Careem in Iraq and Jordan. Highlighting Iraq’s immense potential, Al-Hakim noted the country’s young, vibrant, and tech-savvy population is eager to succeed, though capital access remains limited due to investor caution.
EQIQ’s investment focus centers on digital innovations addressing critical local needs, with particular emphasis on e-commerce, logistics, and fintech sectors. The firm aims to create synergistic value by fostering cross-sector collaboration and scaling impactful solutions.
Since its initial closing in January 2023, which raised $15 million from regional and local investors, EQIQ has deployed $8.5 million across five startups in fintech, edtech, logistics, and social commerce. The fund’s expansion signals growing investor confidence in Iraq’s fast-evolving tech ecosystem and its long-term growth prospects.
